Direct PE to Pension/Endowment
Realize people usually want to go the other way around (i.e., from less direct investing roles to direct PE), but the longer I spend doing direct PE, getting increasingly jaded and disillusioned, the more obvious it is to me that the apex predator in finance may actually be the LPs, not the classic archetypical private equity sharks. PE guys generally bend over backwards to serve their important LPs (the CPPIBs of the world, etc.). But it also feels more long-term intellectually stimulating to zoom out a bit and manage capital a bit more holistically, eventually developing into a CIO-type role, vs. negotiating working capital pegs and the myriad other painful things you need to deal with in PE. Thoughts? Am I crazy?